Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Thematic (Sector/Industry)

<ul><li>External factors are slightly negative, as markets face lingering volatility from the risk of a US government shutdown, while Chinese and Hong Kong stock markets remain closed for the Golden Week holiday.</li><li>We view this as slightly positive for China-play stocks (SCC, PTTGC, IVL, SCGP), though the focus should remain on trading opportunities as the NBS PMI is still below 50—the threshold indicating manufacturing expansion.</li><li>The Cabinet was still able to approve the “Khon La Khrueng” co-payment scheme under the 2025 budget in time, and with 3Q25 now behind us, rebalancing pressure on DELTA shares should gradually ease.</li></ul>

External factors are slightly negative, as markets face lingering volatility from the risk of a US government shutdown, while Chinese and Hong Kong stock markets remain closed for the Golden Week holiday.We view this as slightly positive for China-play stocks (SCC, PTTGC, IVL, SCGP), though the focus should remain on trading opportunities as the NBS PMI is still below 50—the threshold indicating manufacturing expansion.The Cabinet was still able to approve the “Khon La Khrueng” co-payment scheme under the 2025 budget in time, and with 3Q25 now behind us, rebalancing pressure on DELTA shares should gradually ease.

Krungthai XSpring Zoom Eng. October 1, 2025

<ul><li>The SET Index is expected to trade sideways with an upward bias today, with the resistance at 1,284/1,300 points and the support at 1,270/1,260 points.</li><li>The US stocks rose (S&amp;P 500 +0.59%, NASDAQ +0.44%) after September economic data came in as expected.</li><li>Mr. Siripong Angkasakulkiat, Deputy Leader of the Bhumjaithai Party, outlined preliminary details of the “Khon La Khrueng 2025” or “Khon La Khrueng Plus” Phase 1 program.</li></ul>

The SET Index is expected to trade sideways with an upward bias today, with the resistance at 1,284/1,300 points and the support at 1,270/1,260 points.The US stocks rose (S&amp;P 500 +0.59%, NASDAQ +0.44%) after September economic data came in as expected.Mr. Siripong Angkasakulkiat, Deputy Leader of the Bhumjaithai Party, outlined preliminary details of the “Khon La Khrueng 2025” or “Khon La Khrueng Plus” Phase 1 program.

Krungthai XSpring Zoom Eng. September 29, 2025

<ul><li>The SET Index is expected to move sideways down today, with the support at 1,284/1,270 and the resistance at 1,300/1,316.</li><li>External factors lean slightly negative, as stronger-than-expected US GDP has raised doubts over potential rate cuts, while sentiment was further pressured by Trump's announcement of additional tariffs on certain products.</li><li>On the domestic front, the outlook is slightly positive, supported by hopes for the co-payment scheme and a special Cabinet meeting following the policy statement, although these factors have already been partly priced in.</li></ul>

The SET Index is expected to move sideways down today, with the support at 1,284/1,270 and the resistance at 1,300/1,316.External factors lean slightly negative, as stronger-than-expected US GDP has raised doubts over potential rate cuts, while sentiment was further pressured by Trump's announcement of additional tariffs on certain products.On the domestic front, the outlook is slightly positive, supported by hopes for the co-payment scheme and a special Cabinet meeting following the policy statement, although these factors have already been partly priced in.

Krungthai XSpring Zoom Eng. September 26, 2025

<ul><li>The SET Index is expected to continue consolidating today, with the support at 1,272/1,264 points and the resistance at 1,284/1,296 points.</li><li>We see Powell’s remarks as a short-term headwind, while our view remains that the Fed will proceed with further rate cuts, consistent with the FedWatch Tool, which anticipates two more cuts this year.</li><li>This increases the likelihood of upward revisions to consensus estimates, as well as to the Ministry of Commerce’s own export target of 2–3%.</li></ul>

The SET Index is expected to continue consolidating today, with the support at 1,272/1,264 points and the resistance at 1,284/1,296 points.We see Powell’s remarks as a short-term headwind, while our view remains that the Fed will proceed with further rate cuts, consistent with the FedWatch Tool, which anticipates two more cuts this year.This increases the likelihood of upward revisions to consensus estimates, as well as to the Ministry of Commerce’s own export target of 2–3%.

Krungthai XSpring Zoom Eng. September 24, 2025

<ul><li>We maintain a Neutral rating on the tourism and airline sectors, as weekly tourist arrivals remain broadly in line with last year trend and within expectations.</li><li>We favor MINT, given its laggard share price and solid 3Q25E core earnings outlook, supported by the European tourism season and lower interest expenses.</li><li>The Civil Aviation Authority of Thailand (CAAT) is preparing to propose a PSC increase to Bt830 and Bt230 for international and domestic passengers, respectively (from Bt730 and Bt130) in October.</li></ul>

We maintain a Neutral rating on the tourism and airline sectors, as weekly tourist arrivals remain broadly in line with last year trend and within expectations.We favor MINT, given its laggard share price and solid 3Q25E core earnings outlook, supported by the European tourism season and lower interest expenses.The Civil Aviation Authority of Thailand (CAAT) is preparing to propose a PSC increase to Bt830 and Bt230 for international and domestic passengers, respectively (from Bt730 and Bt130) in October.

Travel Groups And Airlines: Weekly Tourist Arrivals In Line With Expectations...

Thailand

Central Plaza Hotel Public Company Limited owns and manages hotels and quick service restaurants. The Company operates its hotels under the banner of Centara Hotels & Resorts and franchises western and Japanese quick service restaurants.

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Central Plaza Hotel (CENTEL TB)

Krungthai XSpring Zoom Eng. October 1, 2025

We view this as slightly positive for China-play stocks (SCC, PTTGC, IVL, SCGP), though the focus should remain on trading opportunities as the NBS...

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 29, 2025

The SET Index is expected to trade sideways with an upward bias today, with the resistance at 1,284/1,300 points and the support at 1,270/1,260...

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 26, 2025

The SET Index is expected to move sideways down today, with the support at 1,284/1,270 and the resistance at 1,300/1,316. External factors lean...

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 24, 2025

The SET Index is expected to continue consolidating today, with the support at 1,272/1,264 points and the resistance at 1,284/1,296 points.

Krungthai XSpring

Travel Groups And Airlines: Weekly Tourist Arrivals In Line With Expectations...

We maintain a Neutral rating on the tourism and airline sectors, as weekly tourist arrivals remain broadly in line with last year trend and within...

Krungthai XSpring

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